Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
146 Effects of continuance
company (referred to as the "body corporate") is continued as a
provincial company under this Division,
(a) the property of the body corporate continues to be the
property of the provincial company,
(b) the provincial company continues to be liable for the
obligations of the body corporate,
(c) an existing cause of action or claim by or against the body
corporate or any liability of the body corporate to
prosecution is unaffected,
(d) a civil, criminal or admi nistrative action or proceeding
pending by or against the body corporate may continue to be
prosecuted by or against the provincial company,
(e) a conviction against or ruling, order or judgment in favour
of or against the body corporate may be enforced by or
against the provincial company,
RSA 2000
(f) a person who, on the day the body corporate becomes a
provincial company, was the holder of a security issued by
the body corporate is not deprived of any right or privilege
available to the person at that time in respect of the security
or relieved of any liability in respect of the security, but any
such right or privilege may be exercised only in accordance
with this Act, and
(g) the bylaws of the body corp orate, except those bylaws that
are in conflict with this Act, continue as the bylaws of the
provincial company.
1999 cI-5.1 s146